The proposed acquisition covers Oryx Energies’ Zambian downstream petroleum business, as the group pursues a wider restructuring involving operations in six African countries.
Oryx Energies has agreed to sell its Zambian downstream petroleum business to Horizon Energies Limited, marking the fourth sale agreement announced by the African energy group in less than three weeks.
The transaction will see Horizon Energies, a Zambian energy company active in petroleum supply, distribution, logistics and retail, take over Oryx’s local downstream business, subject to regulatory approvals and other customary conditions.
The financial terms of the transaction have not been disclosed, and Oryx has not specified which individual assets and business lines are included in the agreement.
Oryx Energies has operated in Zambia since 2007, establishing a presence across fuel distribution, lubricants and liquefied petroleum gas (LPG).
According to the company’s published operational profile, its Zambian business includes 32 service stations and 16 business-to-business fuel installations serving commercial and industrial customers, including mining, construction, agriculture and transport operators.
The company also operates LPG distribution infrastructure, including facilities in Lusaka and Ndola.
The acquisition could significantly expand Horizon Energies’ presence in Zambia’s downstream petroleum market, although the final scope of the assets transferring to the company remains to be confirmed.
Fourth Sale Agreement in Three Weeks
The Zambia transaction follows three other agreements announced by Oryx Energies as part of its restructuring of downstream operations across Africa.
On 16 October, Oryx announced an agreement to sell its Tanzanian downstream oil business to Amsons Group, covering retail service stations, storage terminals and distribution infrastructure.
Five days later, on 21 October, the company announced the proposed sale of its Tanzanian gas business to ASAS Energies.
On 28 October, Oryx announced a further agreement to sell its downstream operations in Mali, Côte d’Ivoire and Togo to Niangadou Distribution Compagnie SAU, a Malian petroleum distribution company.
Together, the four agreements cover downstream businesses across six African countries.
Oryx says the restructuring is intended to concentrate its capital and resources on energy trading and infrastructure development while transferring selected downstream businesses to African operators.
The transactions follow a $975 million financing facility provided by Afreximbank to support a management buyout of Oryx Energies, bringing the wider group under majority African ownership.
What the Deal Means for Zambia
For Horizon Energies, the proposed acquisition offers an opportunity to expand through an established petroleum distribution business with existing customers, infrastructure and market relationships.
The transaction also reflects a wider shift in Africa’s downstream energy sector, as local operators acquire established distribution businesses from larger international groups.
Oryx Energies said its operations in Zambia would continue as normal pending completion of the transaction, with existing commitments to customers and partners maintained.
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